According to DSCC, the foldable smartphone market is on fire right now, with 2Q24 setting a new record for foldable panel shipments. Shipments shot up by an incredible 151% QoQ and 126% YoY, hitting 9.8 million panels. This explosion in growth was mainly thanks to Samsung’s early launch of their latest foldables, the Galaxy Z Flip 6 and Z Fold 6. By launching earlier, Samsung grabbed a significant chunk of the market, dominating 2Q24 with a 48% share in foldable panel procurement. This was a big turnaround from 1Q24, when Huawei was in the lead with a 53% share compared to Samsung’s 21%.
Samsung’s Galaxy Z Flip 6 was the top dog in foldable panel procurement, snagging a 32% share, followed by the Z Fold 6 at 15%. Huawei’s Pocket 2 and Mate X5 also made strong showings, each scoring double-digit shares. Honor’s Magic V Flip was right behind them, capturing a 4% share. Clamshell designs were all the rage, making up 63% of shipments, up from 53% in the previous quarter.
Samsung Display took back the crown as the top supplier of foldable panels, grabbing a 53% share compared to BOE’s 27%. This was a big shift from 1Q24, when BOE was ahead with a 48% share. Looking ahead to 3Q24, the momentum is expected to keep going, but shipments are predicted to drop 30% QoQ and 21% YoY to 6.9 million units. Even so, Samsung’s market share is set to rise slightly to 49%, while Huawei’s is expected to slip to 16%. The change in Samsung’s release schedule is shaking up the trends, putting Samsung in the lead for 2024 with a projected 39% share over Huawei’s 36%.
Moving forward, DSCC expects Samsung’s Galaxy Z Flip 6 is expected to stay on top, while Huawei, Honor, and Xiaomi keep battling for the top spots. The clamshell form factor’s popularity might dip a bit as in-folding and multi-fold designs start catching on, with Huawei ramping up panel procurement for its upcoming multi-fold device. By the end of the year, BOE is expected to take back the lead in 4Q24, thanks to the seasonal demands of its customers.
